Global Chromium Market to Reach US$ 17.8 Billion by 2028, Propelled by Rapid Product Utilization in Stainless Steel Manufacturing

According to the latest report by IMARC Group, titled “Chromium Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”, the global chromium market size reached US$ 14.9 Billion in 2022. Chromium (Cr) is a naturally occurring element found in rocks, plants, animals, and soils. It is characterized by its hard and brittle nature, silvery-gray color and excellent corrosion resistance and high thermal stability. Additionally, chromium is alloyed with other metals to create high-strength components used in various industries such as aerospace, electrical and electronics, and automotive. Chromium is most commonly used to manufacture stainless steel and plate numerous metals, including aluminum and brass, to offer them more corrosion-resistance and to enhance their appearance. Chromium and chromium compounds are also an essential part of various industrial processes, such as electroplating, leather tanning, and wood preservation. In addition to this, chromium is also a rich nutrient source that is involved in glucose metabolism and insulin signaling, and as a result is extensively utilized in the pharmaceutical industry.

Global Chromium Market Trends:

The global market is majorly driven by the rapid product utilization in large-scale stainless steel manufacturing. This can be attributed to the considerable growth in numerous end-use industries requiring stainless steel such as construction, automotive, and manufacturing industries. In line with this, the growing adoption of chromium for the production of superalloys for aircraft components is resulting in a higher product uptake across the aerospace industry. Moreover, continual technological advancements in the chromium mining and extraction methods making them more economical are creating lucrative growth opportunities in the market. Besides this, the rise in the sales of passenger vehicles coupled with the rapid expansion of automotive production facilities is also acting as a significant growth-inducing factor for the market. The market is further fueled by the growing usage of chromium in the pharmaceutical industry for manufacturing medicines targeted towards diabetes and human immunodeficiency virus (HIV). Apart from this, strategic alliances, partnerships, and merger and acquisitions (M&As) conducted by the leading players to expand their product portfolio and geographical presence is also creating a positive market outlook. Considerable growth in the metallurgy ad foundry operations is further contributing to the growth of the market. Some of the other factors providing an impetus to the market include rapid industrialization, inflating disposable income levels, increasing prevalence of chronic diseases, and extensive research and development (R&D) activities. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 17.8 Billion by 2028, exhibiting a CAGR of 2.9% during 2023-2028.

Market Summary:

• Based on the grade, the market has been segmented into metallurgy, refractory and foundry, and chemical. Among these, metallurgy represents the largest market segment. 
• On the basis of the application, the market has been divided into alloyed steel production, stainless steel production, refractory additives, non-ferrous alloy production, and others. Among these, stainless steel production accounts for the dominant market share. 
• Based on the industry vertical, the market has been categorized into chemical and petrochemical, energy and power, mining, steel, automotive, and others.
• On the geographical front, the market has been segregated into North America (the United States and Canada), Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Latin America (Brazil, Mexico and others), and Middle East and Africa. At present, Asia-Pacific holds the leading position in the market. 
• The competitive landscape of the market has been studied in the report with the detailed profiles of the key players. Some of these players include ACI Alloys, Al Tamman Indsil FerroChrome L.L.C, Belmont Metals Inc., Edgetech Industries LLC, Eurasian Resources Group, Ferbasa, Glencore plc, Gulf Mining Materials Company, Odisha Mining Corporation Limited, ProChem Inc. International, RD Mathis Company, Samancor Chrome Ltd.

Report Scope:

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